News

APPETITE FOR AUCTION SHOWS NO SIGN OF ABATING

30 May 2013

Osborne King’s second auction of the year will take place on Friday 14 June at the Holiday Inn, Ormeau Avenue, Belfast. This particular auction features a range of property spread across the commercial, residential and development sectors with maximum reserve prices starting as low as £15,000 and rising to £395,000.

In contrast to previous auctions, a significant proportion of the 28 properties on offer relates to compact residential development opportunities housing within the £15,000 - £35,000 price bracket. One of the “stand-out” properties in the catalogue is a block of six terrace houses in Moygashel currently producing an annual income of approximately £24,000 with the potential of rising to around £29,000 through letting one remaining house. This investment opportunity is on the market for £150,000.

First-time buyers, investors and buy-to-let purchasers will be able to bid on a number of houses across the province that includes various house styles in the Portadown and Lurgan areas ranging in price from £30,000 to £58,000; an end-terrace property in Belfast priced at £35,000 and an end-terrace, three-bedroom house in Lisburn which has a maximum reserve price of £48,000.

Commercial properties featuring in the auction catalogue include Derryhubbert House within the Dungannon area, which comprises 49 acres of agricultural land, a farmhouse and outbuildings and has a maximum reserve price of £395,000.

Companies considering re-locating or expansion may be interested in a modern, fitted, self-contained warehouse/business unit located within an established location, City Business Park, Dunmurry offering almost 4,500 sq ft of space and reserved at £100,000. Meanwhile, those seeking a more attractive return on their savings might do well to consider investing in a residential ground rent investment opportunity within the Rose Cottage development off the Garvaghy Road, Portadown, which has a maximum reserve of £20,000.

Commenting on the upcoming auction, head of Osborne King’s auction team, Mark Carron said, “We’re seeing a lot of interest in this auction which shows that property auctions are now regarded as a widely acceptable form of asset disposal despite some sceptics believing it to be nothing more than a fire sale. We have more commercial properties and development land on offer than in previous auctions, which is very encouraging and is perhaps indicative of confidence returning to the market even on a modest scale. From our perspective, we envisage healthy growth in lots offered and sales achieved over the next couple of years before a return to more traditional transactions. Even then we expect that auctions will remain a permanent feature of the property landscape.”

Full details of lot types, sizes and prices are available in Osborne King’s auction catalogue either online: www.osborneking.com/auction or by telephoning 028 9027 0000.